Namibia’s annual inflation rate pegged at 4.7 percent in August

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Inflation
Inflation

Namibia’s annual inflation rate stood at 4.7 percent in August, compared to 7.3 percent recorded this month a year ago, the country’s statistics agency revealed Tuesday.

According to the Namibia Statistics Agency, the country’s August consumer price index (CPI), the main gauge of inflation, showed that the major contributors to the inflation were food and non-alcoholic beverages (1.9 percentage points); alcoholic beverages and tobacco (1.1 percentage points); and housing, water, electricity, gas, and other fuels (0.7 percentage points).

On a month-on-month basis, the inflation rate for August 2023 was 0.4 percent, in comparison to the 0.3 percent registered during the preceding month.

Meanwhile, the southwestern African country’s central bank in August lowered its inflation projection for 2023 to an average of 5.6 percent, down 0.4 percent from its previous forecast, due to unexpected deflation in the transportation category.

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